Best bank 2025: Bank of Cyprus
Bank of Cyprus has demonstrated exceptional financial performance and innovation, earning its award as Cyprus’s best bank. In 2024, the bank’s net profit after tax increased to €508 million, a growth of 4% compared to 2023.
This financial robustness is underscored by a substantial improvement in its Common Equity Tier 1 (CET1) ratio, which rose from 17.4% to an impressive 19.2%, indicating a strong and well-capitalised institution.
A key part of the bank’s strategy has been its focus on digital transformation and customer engagement – the number of active digital users expanded to 480,000 in 2024, showing a 7% year-on-year increase. Moreover, mobile app usage saw a significant uptick, with active users growing by 9% to 447,000. These figures highlight the bank’s evolving digital landscape and its commitment to integrating digital solutions into every aspect of banking.
Additionally, the launch of new digital financial products like the digital housing loan and the Fleksy buy-now-pay-later solutions further paved the way for versatile financial offerings, catering to varied customer needs.
The bank’s commitment to sustainable finance is also evident from its issuance of an inaugural €300 million green bond in April 2024, which was markedly successful, being over four times oversubscribed by more than 120 institutional investors. This enthusiastic reception underscores broader market confidence in the bank’s sustainable and ethical financial activities.
Bank of Cyprus has made strides in supporting local e-commerce through the launch of the Jinius marketplace in April 2024. This platform not only clocked €1 million in gross sales rapidly, expanding local e-commerce options, but also illustrates the bank’s innovative approach to boosting the Cypriot digital economy and supporting local businesses.
With these solid foundations and strategic expansions, Bank of Cyprus makes a deserving winner of the title of Cyprus’s best bank.
